MAXjet gets court OK of bid procedures for sale of substantially all assets

By Rebecca Melvin

New York, Feb. 4 - MAXjet Airways Inc. received court approval of the bidding procedures for the sale of substantially all of its assets, according to a filing with the U.S. Bankruptcy Court for the District of Delaware Friday.

The company has decided to move forward without a stalking horse bid; however, the company reserves the right to enter into an agreement with a stalking horse bidder if one is identified.

All qualified bidders should submit their bids, accompanied by a 10% deposit, by Feb. 13.

If one or more qualified bids is received, the auction will be held on Feb. 20.

MAXjet is an all-business-class airline based in Dulles, Va. The company filed for Chapter 11 bankruptcy on Dec. 24. Its case number is 07-11912.

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